Orangeville bids farewell to the penny

Money talks

The penny's death won't be mourned, at least not by some of those doing business or walking down Broadway in Orangeville.

As of Monday (Feb. 4), the Royal Canadian Mint will cease its distribution of the Canadian penny, leaving billions in circulation.

The plan to axe production of the copper coin was made by Finance Minister Jim Flaherty more than a year ago, because it reportedly cost 1.6 cents to produce the coin. The move is believed to save the federal government $11 million a year.

As a result, businesses will have to round cash transactions to the nearest fifth or adjust their prices. For example: $1.02 will be rounded to $1, while $1.04 will be rounded to $1.05.

While implementing that system has been on businesses radar since the announcement last year, some local owners haven’t made the jump just yet.

“I think today’s the day we’re supposed to (start rounding), but we’re still operating as usual,” said Mochaberry owner Troy Brett. “If people want to give us pennies, they can give us pennies.

“We’re trying to make it as easy for the customers as possible.”

Brett said he attempted to adjust the pricing when he noticed the penny’s doomsday was arriving, but the store will have to rely on updated technology to properly handle the new system.

“For us, it’s a little difficult just because of the way the tax is calculated on our business,” he said. “Taxes are calculated differently. So it all comes down to what technology we’re using.

“Eventually we’ll have to spend some money … but we’re ready for an upgrade anyway.”

A few doors down, Crazy Candy Shoppe owner Sheri Zammit will have to manually round for pricing when it comes to her bulk products, because its measured by weight not a set price.

“I can control the individual items, but I can’t control the bulk,” she said. “Sometimes the bulk will come in two cents, or over or whatever. I have most of my prices already rounded off, so when the tax comes up, it’s to the nickel.”

As business owners, both Zammit and Brett shared mutual feelings of indifference towards the eventual extinction of the penny.

Those words rang true with Ruth White, who didn’t feel there was a need for the single cent coin in this day and age.

“The penny’s a damn nuisance,” she said. “And what do you do with it? You roll it. And you get one end fixed up and they all fall out the other end.”

White is on the right track as far as how to rid your couch and cup holders of the litter of pennies now that they’re no longer distributed. Aside from making wishes and tossing them into fountains, banks and financial institutions are accepting rolled pennies in exchange for useable cash.

Charities such as Free the Children are also collecting pennies in support of clean-water projects.

For Shirley Robertson, the penny is already a thing of the past, and adjusting to the added weight of more nickels in her purse is something she’ll adapt to over time.